Conventional vs. 203k Loan
Hello! I'm trying to compare whether to use a conventional or 203k loan. I tried to run some numbers as you can see in the image below. What else should I be considering when comparing these two options?
I'm leaning more towards going the 203k loan route due to not having to bring as much to the table. If I were to go the conventional route It would keep me on the sidelines for too long as I have to save up for a lot more. I understand that I would have a higher PMI cost while in the 203k loan until I refinance into a conventional loan with a LTV of 80% at the most.
Note: These numbers are theoretical. I'm just trying to see what it would cost when comparing the two.
